Title: Exercise 3-10A
QA_Ori:
a.
Dec. 1 Supplies Expense 2,000
b.
c.
Dec. 15 Cash
13,00
0
13,00
d.
Dec. 28 Cash 3,700
e.
Dec. 31 Supplies 1,840
f.
Dec. 31 Prepaid Insurance 1,200
g.
Dec. 31 Remodeling Fees Earned 11,130
Title: Exercise 3-11A
QA_Ori:
a. Initial credit recorded in the Unearned Fees account
6-Jan Cash 7,500
12-Jan Unearned Fees 3,000
18-Jan Cash 8,500
27-Jan Unearned Fees 7,500
31-Jan No adjusting entries required.
b. Initial credit recorded in the Fees Earned account
1-Jul Cash 3,000
6-Jan Cash 7,500
12-Ja
18-Ja
n Cash 8,500
27-Ja
31-Ja
n Fees Earned 8,500
c. Under the first method (and using entries from a)
Under the second method (and using entries from b)
[Note: Both procedures yield identical results in the financial statements.]
Title: Exercise 3-12
QA_Ori:
adidas AG
Balance Sheet
31-Dec-11
(Euros in millions)
Assets
Noncurrent assets
Intangible assets 154
Tangible and other assets 255
Total equity and liabilities 6046
Title: Problem 3-1A
QA_Ori:
1 E 5 C 9 D
Title: Problem 3-2A
QA_Ori:
Part 1
Adjustment (a)
31-Dec Office Supplies Expense
14,84
6
Office Supplies
14,84
6
Adjustment (b)
31-Dec Insurance Expense 7,120
Policy Cost per Month
Months Active
in 2013 2013
Cost
A $600 ($14,400/24
mo.)
3 $ 1,800
Instructor note: The first printing of the book had a typo in the
Adjustment (c)
Adjustment (d)
31-Dec Depreciation Expense—Building
30,50
0
Adjustment (e)
Adjustment (f)
31-Dec Unearned Rent 5,600
Rent Earned 5,600
Part 2
Cash Payment for (c)
Cash Payment for (e)
15-Jan Cash 6,000
Title: Problem 3-3A
QA_Ori:
Parts 1 and 2
Cash Equipment
Unadj.
Bal.
34,000 Unadj.
Bal.
80,000
Accounts Receivable
Accumulated Depreciation—
Equipment
Bal.
Teaching Supplies Accounts Payable
Unadj.
Bal.
0
Prepaid Insurance (g) 400
Unadj.
Bal.
12,500
Prepaid Rent (e) 5,000
Bal. 90,000
Professional Library
Bal. 35,000 T. Wells, Withdrawals
Bal. 50,000
Accumulated Depreciation—
Professional Library
Part 2
Tuition Fees Earned Rent Expense
Training Fees Earned Teaching Supplies Expense
Bal.
Depreciation Expense—
Professional Library Advertising Expense
Depreciation Expense—
Equipment Utilities Expense
Unadj.
Bal.
0 Bal. 6,400
(c) 13,200
Adj. Bal. 13,200
Salaries Expense
Insurance Expense
Part 3
WELLS TECHNICAL INSTITUTE
Adjusted Trial Balance
December 31, 2013
Debit Credit
Cash………………………………………………………………… $ 34,000
Accounts receivable………………………………………..…. 7,500
Teaching supplies ……………………..………………..……. 2,800
Prepaid insurance………………………………………..……. 9,600
Part 4
wells TECHNICAL INSTITUTE
Income Statement
For Year Ended December 31, 2013
Revenues
Tuition fees earned
$131,40
0
Training fees earned 45,000
Total revenues
$176,40
0
WELLS TECHNICAL INSTITUTE
Statement of Owner’s Equity
For Year Ended December 31, 2013
T. Wells, Capital, December 31, 2012 $90,000
WELLS TECHNICAL INSTITUTE
Balance Sheet
31-Dec-13
Assets
Cash $34,000
Accounts receivable 7,500
0